LIC Jeevan Utkarsh Plan

LIC Jeevan Utkarsh is a non-linked, closed-ended single premium, with-profit life insurance plan. This plan provides an amalgamation of savings and protection, where the risk cover is ten times that of the Tabular Single Premium. Basic Sum Assured can be chosen by you. The single premium to be paid, shall be based on your age at the time of your purchase.

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Moreover, Jeevan Utkarsh plan by LIC also takes care of the liquidity requirements via loan facility.

Life Insurance Corporation’s Jeevan Utkarsh was introduced in September 2017 and is available for investments until March 31, 2018. This scheme is open for sale for a maximum tenure of 270 days from the date of its launch. It offers an option of disability benefit riders, and accidental death in its basic scheme.

How LIC Jeevan Utkarsh Works?

The sum of a single premium depends on the basic sum assured selected by you, that is payable on the maturity of scheme. Rs. 75, 000 is the minimal basic sum assured and the premium differs depending on the age of the insured.

In case of an untimely death of the policy holder before the maturity of the policy, the beneficiary will receive the death benefit, ten times that of the single premium, together with the loyalty addition (if any). On the insured’s survival, the policy holder receives the sum assured together with the loyalty additions (if any), on the maturity of the policy.

When will you receive the Loyalty Additions?

Usually, with-profit insurance plans are eligible to earn bonuses. LIC’s Jeevan Utkarsh scheme does not offer any bonus on top of the element of loyalty addition. As per LIC, “The plans under the Jeevan Utkarsh policy shall partake in the profits, in form of loyalty addition that shall be paid at the time of exiting after the policy completes its 5 years.” This means the scheme will qualify for the loyalty addition only after the 5 policy years, either on the surrender of the policy, or on the death of the insured.

Based on the profitability of the insurer, and therefore without guarantee, the stated loyalty addition will be combined with the paid-on maturity and the sum assured. It is a one-time addition to the plan, unlike the bonus that is added every year while profits are made by the insurance companies.

Key Benefits of LIC Jeevan Utkarsh Policy: 

LIC jeevan Utkarsh

Death Benefits:

In case of the event of the death of the insured during the first five years of the policy:

Before the date of inception of the risk:

Reimbursement of the single premium with no added interest.

After the date of inception of the risk:

The policyholder will be paid the ‘Sum Assured on the Death’.

The aforementioned single premiums shall not comprise of any extra premium, taxes chargeable under this plan due to rider premium, or underwriting decision.

In case of the event of the demise of the policyholder after completing the five years of policy but before the promised maturity date:

The policy holder will be paid ‘Sum Assured on the Death’ together with the Loyalty Addition (if any). Here the ‘Sum Assured on the Death’ is the highest of either the single premium’s 125 percent or the Guaranteed Sum Assured on the Maturity that is Basic Sum Assured, or the Absolute amount assured that is to be paid on the demise, which is 10 times of the Tabular Single Premium.

Maturity Benefits:

The policyholder will be paid the ‘Sum Assured on Maturity’ together with the Loyalty Addition (if any). This sum assured on maturity is equivalent to the Basic Sum Assured.

Loyalty Additions:

Based on the experience of the Corporation, the schemes under this plan might be eligible for the Loyalty Addition while exiting, after completing five years of policy - in the form of the insured’s untimely demise in the course of the policy term or in the form of Maturity, at the rate and on the terms as declared by LIC.

Moreover, Loyalty Addition (if any) must be taken into consideration in Special Surrender Value computation on surrendering the plan during the term of the policy, provided it’s after the completion of five years of the policy.

Tax Benefits:

The sum of the single premium put into the policy is eligible for tax benefits under the Section 80C. According to Section 80C of the Income Tax 1961, for all the insurance plans, the rebate allowed from the income for payment of the premiums of insurance must apply only to those schemes where the premium is not more than 10 percent of actual capital assured sum. Under this scheme, the single premium does not exceed 10 percent of the actual capital sum assured, i.e. the death sum assured after the inception of risks.

Eligibility Criteria and Other Restrictions:

Minimum

Maximum

Age at Policy Inception

6 years completed

47 years most recent birthday

Basic Sum Assured

Rs. 75, 000

No limit

Basic Sum Assured must be in multiples of:

Rs. 5, 000-In case the Basic Sum Assured is less than Rs. 3 lakhs

Rs. 20, 000- In case the Basic Sum Assured is Rs. 3 lakhs and more

Term of the Policy

12 years

Mode of Premium Payment

Single Premium only

Date of Inception of Risk:

If the age at Policy Inception of the life assured in not more than 8 years, the risk under LIC Jeevan Utkarsh will begin from one day before the scheme anniversary corresponding with or followed by the completion of an age of 8 years immediately.

For the individuals who have attained 8 years of age or more, the risk will begin immediately.

Sample of Premium Rates:

The illustration below shows the rates of tabular single premium for Rs. 1000 as the Basic Sum Assured:

Age at Policy Inception (Most recent Birthday)

Tabular Single Premium Rate (in Rs.)

10

528.60

20

544.95

30

561.35

40

657.90

 Rebate for Higher Basic Sum Assured:

Basic Sum Assured

Decline in the Tabular Single Premium on every Rs. 1000 as the Basic Sum Assured

Rs. 75, 000 to Rs. 1, 45, 000

-

Rs. 1, 50, 000 to Rs. 2, 95, 000

Rs. 15

Rs. 3, 00, 000 to Rs. 4, 80, 000

Rs. 20

Rs. 5, 00, 000 and above

Rs. 25

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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

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LIC India Insurance Reviews & Ratings
4.6 / 5 (Based on 73 Reviews)
(Showing Newest 10 reviews)
Meer
Chalakudy, January 01, 1970
Easy claim settled
I bought the Lic India term plan from the suggestion of my family friend and he recommended me a lot of plans. He said that the claim settlement ratio is quick and easy. Also, it is protective plan.
Ram
Balasore, January 01, 1970
Child security fulfilled
I have bought a Lic India child plan online and it has been a year now. I like the way the this works. It is a nice plan I got for my child’s security.
Jyotsana
Asifabad, January 01, 1970
Additional riders
Along with my Lic India term insurance plan I have got the additional riders too. It has been an important thing for me and can be useful at any point in time. It can be added with a minimal amount.
Anubha
Mainpuri, January 01, 1970
Low premium
The premium rate of the child insurance plan of LIC India which I bought 3 years ago is best and it was under my budget. I was searching for some good plans related to child insurance. I got the way of buying this plan and loved it.
Nimesh
Lakhimpur Kheri, January 01, 1970
Tax rebate
I bought a Lic India term insurance policy online and it has been into my budget. Also, I like one thing that I would able to get the tax benefits under it. It is a good option and can be beneficial for all tax payers.
Amisha
Babina, January 01, 1970
Maturity benefits to get
It is easy to get the maturity benefits when LIC India child plan gets matured and my child would get a better return. It would be easy for him to get the best education and can go for a higher education abroad.
Jay
Lakhimpur, January 01, 1970
Safety
I feel safe and secured for my family when I will be not around. The Lic India ULIP plan will give the better returns and maturity benefits. And will be quite helpful for my family to sustain their future.
Amit
Raghunathpur, January 01, 1970
Happy customers
I am one of the happiest customer of Lic India term plan and I have found various good deals. It is the plan which has come under my budget. And it has been a protective shield for me and my family.
Ashok
Mota Chiloda, January 01, 1970
Great plan
I am happy with this plan and have recommended many people for the same. I bought the Lic India ulip plan 2 years back and It is a best kind of investment.
Azam
, January 01, 1970
Good Benefits
It is important for everyone to understand that benefit is must when you are buying a child insurance plan. I bought a beneficial child plan of LIC India.
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